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NXT Asset Exchange

NXT is a so-called 'Bitcoin 2.0' financial services and trading platform. It has its own digital currency, simply called NXT, which can be traded or used to pay for things. But it can also be used for trading a range of other different types of asset.

The NXT currency itself was premined and distributed to investors. Placing offers on the Asset Exchange, sending NXT or other assets to somebody else, registering an alias or sending a message all cost 1 NXT coin.

The Issue of Trust on the NXT Asset Exchange

Currently the Asset Exchange mechanism is based on trust. Anybody can pay the fee and register an asset, and anybody who purchases that asset must simply trust that the issuer will fulfill their obligations, whether that means paying dividends, initiating buy backs, or honoring any promise to redeem a digital asset for its physical equivalent.

Several different websites are available where you can find listings of the various assets available to trade through the Asset Exchange (AE). Some of these sites will help you to avoid the scams by providing their own trust ratings for each asset that they list - but it is still very much a case of 'buyer beware'.

The core developers behind the NXT platform have said that they are already working on a 'trustless' exchange mechanism which would use programmatic methods to bypass the problem of having to trust an asset's issuer, but no further details about how this would work or which asset classes it would cover are available at this time.

Using the Asset Exchange

You can access the AE from inside the standard NXT wallet. To start off just click the Asset Exchange link in the left hand sidebar, and you will then see a link in the upper right of your wallet screen offering you the option to 'add asset'. In order to trade an asset you must add it to your own personal list of assets. To do this you will need the asset id which you will then paste into the pop up box which appears when you click to add an asset. You can find the relevant id from the issuer's website, or from one of the websites mentioned above which provide lists of assets with relevant trading data and other information. Two such websites are NXTBlocks and Crypto Assets Charts.

Once you have added an asset you will be able to see a description, links to place an offer to buy or sell, its recent trade history, and also the bid and ask order-books, from inside your wallet. You only need to add each one once, and it will then be available from a list stored within your wallet for easy access in the future.

You can view your open orders and the assets which you currently own from a drop down list in your wallet which appears when you click the main Asset Exchange navigation link. You can also issue an asset from the same place; the minimum fee for doing this is 1000 NXT.

The Asset Exchange and the Multigateway

The NXT Multigateway is built on top of the NXT Asset Exchange. It provides a cheap way to trade Bitcoin and other crypocurrencies. It is comparable to a normal cryptocurrency exchange in the sense that it allows easy trading of cryptocurrencies. It is different, however, in the fact that it is completely decentralized. It works by connecting the wallets of other cryptocurrencies to the user's NXT account and granting that user a NXT asset associated with that cryptocurrency. A user can easily deposit and withdraw or deposit cryptocurrencies to their NXT account. More information about the Miltigateway on the Multigateway website.

Example Listings from the AE

Many of the assets currently listed on the AE represent virtual shares in businesses relating to NXT, or funds investing in NXT and related businesses. There are also several which claim to track the value of various famous companies, or aimed at filling various investment niches.

Here are a couple of examples of some of the most popular listings at the moment:

  1. TXT Coins Now: This asset is a virtual share in the company of the same name, which is building a service to allow people to send cryptocurrencies anywhere in the world via mobile phone (SMS) payments. The target market for this business is Africa, where there is a huge market for remittances and where the population is already familiar with services allowing you to send money via SMS (and where smart phones with full crypto wallets are not common). The NXT network will be used for this service, but other coins such as Bitcoin will also be able to be sent using it. The company's website can be found here: http://www.txtcoinsnow.com/ and the Asset id is 17874206509705745796
  2. NXTventure is a kind of hedge fund or venture capitalist stock. The company invests in businesses building on the NXT platform. These businesses are required to list themselves on the AE, and NXTVenture pays its own investors dividends in the form of free shares in the companies it funds. The fund is run by a prominent member of the NXTForum, and rather than having its own website it simply communicates via the forum; the asset id is 16212446818542881180.

Categories: E-Currency | Cryptocurrency | Finance


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